Core Viewpoint - Seanergy Maritime Holdings Corp. is planning to arrange a series of fixed income investor meetings in the Nordic bond market starting March 28, 2025, with a potential four-year USD denominated senior unsecured bond issue to follow, subject to market conditions [1][2]. Company Overview - Seanergy Maritime Holdings Corp. is a publicly listed pure-play Capesize shipping company in the U.S., providing marine dry bulk transportation services through a modern fleet of 21 vessels, including 2 Newcastlemax and 19 Capesize vessels, with an average age of approximately 13.8 years and a total cargo carrying capacity of about 3,803,918 deadweight tons (dwt) [4][5].

Core Points - Seanergy Maritime Holdings Corp. has filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] - The report is accessible through Seanergy's website in the "Investor Relations" section [1] Company Overview - Seanergy Maritime Holdings Corp. is a pure-play Capesize shipping company publicly listed in the U.S. [2] - The company operates a fleet of 21 vessels, including 2 Newcastlemax and 19 Capesize vessels, with an average age of approximately 13.8 years and a total cargo carrying capacity of about 3,803,918 deadweight tons (dwt) [2] - The company is incorporated in the Republic of the Marshall Islands and has executive offices in Glyfada, Greece [3] - Seanergy's common shares trade on the Nasdaq Capital Market under the symbol "SHIP" [3]

Company Overview - Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company publicly listed in the U.S. [2] - The company provides marine dry bulk transportation services through a modern fleet of Capesize vessels, consisting of 21 vessels (2 Newcastlemax and 19 Capesize) with an average age of approximately 13.8 years and an aggregate cargo carrying capacity of approximately 3,803,918 dwt [2]. Recent Developments - The company announced the filing of its Annual Report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1]. - The Annual Report can be accessed through Seanergy's website in the "Investor Relations" section under "Financial Reports" [1]. Corporate Structure - Seanergy is incorporated in the Republic of the Marshall Islands and has executive offices located in Glyfada, Greece [3]. - The company's common shares trade on the Nasdaq Capital Market under the symbol "SHIP" [3].

Market Volatility and Economic Conditions - The Baltic Dry Index (BDI) has shown significant volatility, declining from an all-time high of 11,793 in May 2008 to a low of 290 in February 2016, representing a decline of approximately 98%[43] - In 2024, the BDI ranged from a low of 976 on December 19, 2024, to a high of 2,419 on March 18, 2024, with a current value of 1,650 as of March 18, 2025[43] - The decline in charter rates since 2008 is attributed to an oversupply of dry bulk vessels and disruptions in trade, including the impact of the COVID-19 pandemic and geopolitical tensions[44] - The company expects continued volatility in market rates for vessels, which may affect short and medium-term liquidity[45] - Economic conditions, including rising inflation and higher interest rates, could adversely affect the company's financial condition and cash flows[61] - The ongoing geopolitical tensions, including the war between Ukraine and Russia, may lead to increased economic uncertainty and impact shipping demand[62] - The ongoing war in Ukraine has caused volatility in shipping freight rates, impacting the global economy and potentially leading to increased inflation[79] Operational Risks and Challenges - Significant risks include potential sanctions and restrictions due to geopolitical events, which could impact operations and financial results[44] - The company faces challenges from rising fuel prices and worldwide inflationary pressures, which could negatively impact cash flows[36] - Seasonal fluctuations in revenues may affect the company's operating results and ability to service debt or pay dividends[36] - The company may incur significant costs due to sulfur regulations aimed at reducing air pollution from ships[36] - The market values of vessels may decrease, limiting borrowing capacity and potentially triggering breaches of financial covenants[36] - The company faces risks from potential defaults by charterers if spot freight rates fall significantly below agreed time charter rates[55] - Future pandemics or epidemics could lead to severe operational disruptions, affecting the company's ability to operate vessels profitably[51] - An oversupply of dry bulk vessel capacity may depress current charter rates and vessel values, adversely affecting profitability[56] - The volatility of spot charter rates and dry bulk charter indices poses risks to the company's ability to operate vessels profitably[54] - Changes in global trade conditions, including tariffs and trade barriers, may adversely impact the company's business and financial results[66] Regulatory and Compliance Issues - The company may incur significant costs due to compliance with sulfur regulations, with a global cap on sulfur in fuel oil reduced from 3.5% to 0.5% since January 1, 2020[110] - The EU Emissions Trading Scheme (ETS) and FuelEU Maritime Regulation will impose compliance costs and operational complexities starting in 2024, potentially impacting profitability[93][94] - The SEC's climate-related disclosure rules may impose significant compliance costs, potentially affecting future performance and financial position[104] - The U.S. Coast Guard is required to develop implementation regulations for the Vessel Incidental Discharge Act (VIDA) within two years of publication, potentially extending the current 2013 Vessel General Permit scheme until 2026[116] - The company has installed ballast water treatment systems in all vessels to comply with updated guidelines, which may incur future compliance costs[114] - Costs associated with environmental regulations may materially affect business operations and cash flows[113] Financial Condition and Debt Management - As of December 31, 2024, the company had $261.5 million in outstanding debt across loan facilities and sale and leaseback transactions[134] - The company's ability to service its indebtedness will depend on future financial and operating performance, which may be affected by economic conditions and interest rates[135] - Significant debt levels could limit the company's operational flexibility and ability to pursue business opportunities, including acquisitions and capital expenditures[137] - The company may struggle to obtain financing for future vessel acquisitions, which could hinder fleet expansion and operational growth[132] Competition and Market Position - The company operates in a highly competitive international shipping industry, facing competition from larger companies with greater resources, which could adversely affect operational results[164] - The company's fleet consists exclusively of Capesize vessels and two Newcastlemax dry bulk vessels, making it vulnerable to adverse developments in the dry bulk shipping industry[165] Shareholder and Governance Matters - The company may issue additional common shares or other equity securities without shareholder approval, which could dilute existing shareholders' ownership interests and depress the market price of its common shares[196] - The voting rights of Series B Preferred Shares may limit common shareholders' influence, with each preferred share having 25,000 votes compared to one vote per common share[211] - The Chairman and CEO can control 49.99% of the voting power, significantly influencing management and shareholder approval matters[212] - Anti-takeover provisions in the company's bylaws may hinder shareholders' ability to change the board of directors or prevent favorable mergers or acquisitions[214] Environmental, Social, and Governance (ESG) Considerations - Increased scrutiny on environmental, social, and governance (ESG) matters may affect the company's reputation and long-term sustainability[100] - The company has implemented measures to improve energy efficiency and reduce CO2 emissions, including biofuel trials and installation of scrubbers on vessels[102] - The company actively manages ESG matters, but failure to meet expectations could adversely affect reputation and access to capital[105] Legal and Litigation Risks - The company is currently involved in litigation, which could divert management's attention and result in financial obligations or reputational impact[166][167] - Maritime claimants could arrest vessels for unsatisfied debts, interrupting cash flows and requiring significant funds to resolve[124] Cybersecurity and Technological Risks - Cybersecurity threats pose a risk to the company's operations, with potential disruptions from cyber-attacks that could materially affect business and results[190][191] - Technological advancements in automation and digitization may reduce shipping activity as supply chains become more localized, adversely affecting demand for the company's services[97]

Group 1 - The focus has shifted from primarily tech stocks to include offshore drilling, supply industry, and shipping sectors such as tankers, containers, and dry bulk [1] - There is an emerging interest in the fuel cell industry, which is still in its nascent stage [1] Group 2 - The individual has a background in auditing with PricewaterhouseCoopers and transitioned to day trading nearly 20 years ago [2] - The experience includes navigating significant market events such as the dotcom bubble, the aftermath of the World Trade Center attacks, and the subprime crisis [2]

Financial Performance - Net revenues for Q4 2024 were $41.7 million, a 6% increase from $39.4 million in Q4 2023, while full-year net revenues reached $167.5 million, up 52% from $110.2 million in 2023[2][6] - Net income for Q4 2024 was $6.6 million, down from $10.8 million in Q4 2023, but full-year net income set a record at $43.5 million, compared to $2.3 million in 2023[2][6] - Adjusted EBITDA for Q4 2024 was $20.4 million, compared to $23.9 million in Q4 2023, while full-year adjusted EBITDA increased to $98.4 million from $53.0 million in 2023[2][6] - Vessel revenue, net for Q4 2024 was $41,146,000, up 5.7% from $38,901,000 in Q4 2023, and for the full year 2024, it reached $164,881,000, a 54% increase from $107,036,000 in 2023[21] - Total revenue for the twelve months ended December 31, 2024, was $167.5 million, up 51.9% from $110.2 million in 2023[46] - Net income for the twelve months ended December 31, 2024, was $43.5 million, significantly higher than $2.3 million in 2023, representing a year-over-year increase of 1,804%[46] - The Company’s net cash provided by operating activities for the twelve months ended December 31, 2024, was $75.3 million, compared to $31.3 million in 2023, reflecting a year-over-year increase of 140.5%[47] Dividends and Share Repurchase - A quarterly cash dividend of $0.10 per share was declared for Q4 2024, with total cash dividends for the year amounting to $0.76 per share, totaling $15.6 million[3][4] - The company executed stock buybacks of $2.1 million, representing approximately 1% of issued and outstanding shares in Q4 2024[3] - The company repurchased 115,000 common shares at an average price of $8.52 per share, totaling $1.0 million, as part of a $25.0 million share repurchase program[28] Fleet and Market Outlook - The fleet's daily Time Charter Equivalent (TCE) rate for Q4 2024 was $23,179, down from $24,920 in Q4 2023, but the full-year TCE rate was $25,063, a 43% increase from $17,501 in 2023[2][6] - The company anticipates a Q1 2025 TCE of approximately $13,400 per day, which is 44% above the year-to-date BCI average of $9,300 per day[10] - The long-term outlook for Capesize demand is robust, driven by rising exports and a historically low orderbook, with significant projects like the Simandou iron ore project expected to boost demand[16] - The Capesize market is projected to see fleet growth slow to 1.4% in 2025, indicating a tighter supply-demand balance[14] - Fleet utilization increased to 99.8% in Q4 2024 from 99.3% in Q4 2023, and for the full year 2024, it was 98.9% compared to 99.1% in 2023[20] Debt and Financing - Long-term debt as of December 31, 2024, was $257.6 million, up from $232.6 million in 2023, indicating an increase of 10.7%[44] - The Company entered into a $53.6 million sustainability-linked senior credit facility in February 2025, with an interest rate of 2.05% plus term SOFR, which is 55 basis points lower than the previous rate[39] Fleet Expansion and Operations - The company has committed to invest $138.0 million in four high-quality Capesize vessels, expanding its fleet to 21 units with a total capacity of 3.8 million DWT[12] - The average age of the Company’s fleet is approximately 13.7 years, consisting of 21 vessels with a total cargo carrying capacity of about 3,803,918 dwt[49] - Approximately 85% of the fleet's expected operating days in Q1 2025 have been fixed at an estimated TCE rate of $12,471, with an overall estimated TCE rate of $13,363 for the quarter[26] - The Company entered into a six-month bareboat charter agreement for the M/V Blueship with a daily charter rate of $9,750 and a purchase obligation of $22.5 million at the end of the charter[31] - The M/V Meiship was delivered on February 27, 2025, and commenced T/C employment with Costamare for a duration of 12 to 15 months, based on a fixed rate with profit-sharing[32] Investor Relations - The Company plans to host a conference call on March 6, 2025, to discuss financial results, indicating ongoing engagement with investors[40] - The Company’s stockholders' equity increased to $262.2 million as of December 31, 2024, from $228.4 million in 2023, representing a growth of 14.7%[44]

Financial Data and Key Metrics Changes - Seanergy Maritime Holdings Corp. reported a record net income of $43.5 million for 2024, a significant increase from $2.3 million in 2023, reflecting a strong financial performance [8][26] - The company's net revenue for Q4 2024 was $41.7 million, with a daily time charter equivalent (TCE) of $23,200, while the full-year TCE reached approximately $25,100, outperforming the Baltic Capesize Index by 27% and 11% respectively [13][17][25] - Adjusted EBITDA for the full year grew to $98.4 million, with a margin of 57.6%, indicating improved operational efficiency [26][29] Business Line Data and Key Metrics Changes - The fleet expanded to 21 vessels with a total carrying capacity of 3.8 million deadweight tons, following the delivery of two Japanese-built vessels [10][22] - The company declared a cash quarterly dividend of $0.10 per share, totaling $15.6 million in distributions for 2024, alongside share repurchases of 226,000 shares [9][15] Market Data and Key Metrics Changes - The Capesize market experienced a correction in Q4 2024, with the Baltic Capesize Index averaging $18,300 per day, down from $24,900 in Q3 and $28,100 in Q4 2023 [42] - Despite short-term volatility, the long-term outlook for the Capesize market remains strong, driven by robust demand for iron ore, bauxite, and coal, with limited fleet expansion projected [12][40][46] Company Strategy and Development Direction - The company focuses on balancing capital returns, fleet growth, and financial discipline to maximize shareholder value while operating in a strong Capesize market [9][50] - Seanergy's strategy emphasizes high-return fleet expansion and maintaining a flexible balance sheet to navigate market volatility [51][52] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Capesize market fundamentals, citing strong demand for raw materials and limited fleet growth as key drivers for future profitability [40][46][98] - The company anticipates EBITDA for 2025 to be approximately $78 million, with potential to exceed $100 million in favorable scenarios [38][30] Other Important Information - The company successfully completed $174 million in financing and refinancing transactions, maintaining moderate leverage levels despite fleet expansion [12][27][32] - Significant one-off legal expenses related to AGM litigation impacted the bottom line, totaling $4.1 million for the year [31] Q&A Session Summary Question: What created the steep short-term rebound in Capesize rates? - Management indicated that the rebound was not driven by Capesize fundamentals but rather by reduced congestion in the Kamsarmax market, which had previously cannibalized Capesize cargoes [56][60][63] Question: Are the one-time expenses behind the company? - Management expects operational expenses to remain stable at around $7,000 per vessel per day, while SG&A is projected to range from $1,500 to $2,000 per vessel per day, excluding litigation costs [65][66] Question: What are the expectations for off-hire days during dry docking? - Management anticipates around 20 to 25 off-hire days per vessel during dry docking, with potential delays due to congestion in shipyards [75] Question: What is the outlook for Capesize vessel rates? - Management remains optimistic about the fundamentals of the Capesize market, despite fluctuations driven by effective supply from smaller vessels [76][78] Question: What is the current state of new build activity? - Management confirmed that new build activity remains very limited, with no new orders placed year-to-date and high demand for existing shipbuilding slots [90][91]

Fourth Quarter & Full Year 2024 Financial Results Presentation Seanergy Maritime Holdings Corp. Important Disclosures This document contains forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding the Company's management's expectations, hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact, including with respect to market trends, vessels we have agreed to acquire and pending ...

Core Viewpoint - Seanergy Maritime Holdings Corp (SHIP) reported quarterly earnings of $0.34 per share, exceeding the Zacks Consensus Estimate of $0.28 per share, but down from $0.58 per share a year ago, indicating a 21.43% earnings surprise [1] Group 1: Earnings Performance - The company has surpassed consensus EPS estimates for four consecutive quarters [2] - Seanergy Maritime Holdings posted revenues of $41.68 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 2.76%, compared to $39.43 million in the same quarter last year [2] Group 2: Stock Performance and Outlook - Seanergy Maritime Holdings shares have declined approximately 0.7% since the beginning of the year, mirroring the S&P 500's decline of -0.7% [3] - The company's earnings outlook is uncertain, with current consensus EPS estimates at -$0.30 on $27.14 million in revenues for the upcoming quarter and $0.99 on $149.65 million in revenues for the current fiscal year [7] Group 3: Industry Context - The Transportation - Shipping industry, to which Seanergy Maritime Holdings belongs, is currently ranked in the bottom 15% of over 250 Zacks industries, which may negatively impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that the company's current Zacks Rank of 4 (Sell) indicates expected underperformance in the near future [5][6]

Financial Data and Key Metrics Changes - The company reported a record net income of $43.5 million for 2024, a significant increase from $2.3 million in 2023, marking the fourth consecutive year of profitability [4][16] - Total revenue for 2024 surged to $167.5 million, up 50% year-over-year, with adjusted EBITDA reaching $98.4 million [16][18] - Earnings per share increased to $2.12 from $0.12 in the previous year [16] Business Line Data and Key Metrics Changes - The company achieved a daily time charter equivalent (TCE) of $23,200 in Q4 2024, with an annual TCE of $25,100, outperforming the Baltic Capesize Index by 2711% [10][16] - The fleet expanded to 21 vessels with a total capacity of 3.8 million deadweight tons, focusing on Capesize and Newcastle Max vessels [6][13] Market Data and Key Metrics Changes - The Capesize market averaged $22,400 per day in 2024, up from $16,600 in 2023, with a notable decline in Q4 to $18,300 due to reduced Brazilian iron ore exports [26][27] - Capesize tonne mile demand grew by approximately 4% in 2024, driven by higher seaborne iron ore shipments [27] Company Strategy and Development Direction - The company focuses on balancing capital returns, fleet growth, and financial discipline to maximize shareholder value [4][9] - The strategic fleet expansion includes the acquisition of high-quality vessels at attractive valuations, reinforcing cash flow generation potential [7][12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the Capesize market's long-term fundamentals, citing robust demand for iron ore, bauxite, and coal [8][29] - The company anticipates EBITDA for 2025 to reach approximately $80 million, with potential to exceed $100 million in favorable scenarios [18][24] Other Important Information - The company declared a cash quarterly dividend of $0.1 per share, totaling $15.6 million in distributions for 2024 [5] - The company successfully completed $174 million in financing and refinancing transactions, maintaining moderate leverage levels [19][20] Q&A Session Summary Question: What created the steep short-term rebound in Capesize rates? - Management indicated that the rebound was not due to Capesize segment fundamentals but rather a reduction in congestion in the Kamsarmax market, which had previously cannibalized Capesize cargoes [36][40] Question: Are the one-time expenses related to OpEx and SG&A behind the company? - Management expects OpEx to remain stable at around $7,000 per vessel per day, while SG&A is projected to range from $1,500 to $2,000 per vessel per day, excluding litigation costs [42][43] Question: What are the expectations for off-hire days during dry docking? - Management anticipates around 20 to 25 off-hire days per vessel during dry docking, with potential unforeseen delays due to congestion in shipyards [51] Question: What is the outlook for Capesize vessel rates? - Management remains optimistic about the fundamentals of the Capesize market, despite potential impacts from geopolitical factors, emphasizing strong demand for raw materials [54][70] Question: Is there any new building activity for vessels? - Management noted that new building activity is very limited, with no new orders placed year-to-date, and existing shipyard slots are fully booked until mid-2028 [62]